Form 990 for tax year 2023
Filed by WEST KENTUCKY RURAL ELECTRIC COOPERATIVE CORPORATION.
Totals
- Total revenue
- $98,162,277
- Total expenses
- $97,008,607
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $97,553,804
- Investment income
- $155,841
- Other revenue
- $452,632
- Total assets, end of year
- $185,438,249
- Total liabilities, end of year
- $90,473,008
- Net assets or fund balances, end of year
- $94,965,241
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- $97,008,607
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: ELECTRIC SALES
total $95,244,227 · related or exempt $95,244,227
-
2b · Program service revenue: RENT FROM ELECTRIC COMPANY
total $1,542,876 · related or exempt $1,542,876
-
2c · Program service revenue: REVENUE FROM LATE PAYMENTS
total $484,897 · related or exempt $484,897
-
2d · Program service revenue: MISC SERVICE
total $280,604 · related or exempt $280,604
-
2e · Program service revenue: OTHER
total $1,200 · related or exempt $1,200
-
3 · Investment income
total $155,841 · related or exempt $155,841
-
11a · Other revenue: PATRONAGE CAPITAL
total $448,893 · related or exempt $448,893
-
11b · Other revenue: MERCHANDIZING, JOBBING, ETC.
total $3,739 · related or exempt $3,739
-
11e · Other revenue, total
$452,632
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $1,062,727
-
7 · Other salaries and wages
total $4,975,345
-
8 · Pension plan contributions
total $1,654,512
-
9 · Other employee benefits
total $1,587,993
-
10 · Payroll taxes
total $439,556
-
11b · Fees: legal
total $48,621
-
11c · Fees: accounting
total $17,844
-
12 · Advertising and promotion
total $144,804
-
13 · Office expenses
total $964,732
-
14 · Information technology
total $1,220,143
-
16 · Occupancy
total $9,828
-
17 · Travel
total $801,897
-
19 · Conferences, conventions and meetings
total $80,678
-
20 · Interest
total $2,301,215
-
21 · Payments to affiliates
total $173,382
-
22 · Depreciation, depletion and amortization
total $7,687,419
-
23 · Insurance
total $420,803
-
24a · Other expenses: ELECTRIC ENERGY FOR SAL
total $64,606,069
-
24b · Other expenses: PROPERTY AND GROSS RECE
total $4,178,982
-
24c · Other expenses: RIGHT OF WAY CLEARNING
total $2,902,879
-
24d · Other expenses: OTHER
total $1,729,178
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,071,990 · end of year $2,313,657
-
3 · Pledges and grants receivable
beginning of year $1,000,184 · end of year $2,014,900
-
4 · Accounts receivable
beginning of year $9,084,396 · end of year $10,662,970
-
8 · Inventories for sale or use
beginning of year $3,341,987 · end of year $2,685,592
-
9 · Prepaid expenses and deferred charges
beginning of year $273,426 · end of year $356,746
-
10a · Land, buildings and equipment: cost or other basis
$236,342,758
-
10b · Land, buildings and equipment: accumulated depreciation
$73,464,542
-
10c · Land, buildings and equipment, net
beginning of year $154,909,643 · end of year $162,878,216
-
13 · Investments: program-related
beginning of year $3,671,207 · end of year $3,969,608
-
15 · Other assets
beginning of year $628,069 · end of year $556,560
-
17 · Accounts payable and accrued expenses
beginning of year $22,901,272 · end of year $19,636,650
-
23 · Secured mortgages and notes payable
beginning of year $56,862,334 · end of year $68,611,265
-
25 · Other liabilities
beginning of year $2,975,608 · end of year $2,225,093
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $93,241,688 · end of year $94,965,241
Mission and programs · 2023
Mission
DISTRIBUTE ELECTRICITY TO COOPERATION'S MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND AND GOOD MANAGEMENT.
Activities or mission (Part I)
DISTRIBUTE ELECTRICITY TO COOPERATIVE'S MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND MANAGEMENT.
-
DISTRIBUTED 854,237,253 KILOWATT-HOURS OF ELECTRIC ENERGY TO 40,734 MEMBERS DURING FY 2024.
Expenses $97,008,607 · Revenue $98,162,277
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Robert HargroveROBERT HARGROVE
BOARD PRESIDENT
- Total calculated
- $16,900
- From this org
- $16,900
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4.85
-
Troy EnglishTROY ENGLISH
BOARD VICE PRESIDENT
- Total calculated
- $17,100
- From this org
- $17,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7.06
-
Chad WillettCHAD WILLETT
SECRETARY/TREASURER
- Total calculated
- $13,000
- From this org
- $13,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3.76
-
Benny AdairBENNY ADAIR
BOARD MEMBER
- Total calculated
- $20,250
- From this org
- $20,250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8.84
-
Dennis BarnesDENNIS BARNES
BOARD MEMBER
- Total calculated
- $13,000
- From this org
- $13,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3.06
-
Mike BurchettMIKE BURCHETT
BOARD MEMBER
- Total calculated
- $14,650
- From this org
- $14,650
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3.12
-
Jed ClarkJED CLARK
BOARD MEMBER
- Total calculated
- $13,300
- From this org
- $13,300
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2.81
-
Kevin CriderKEVIN CRIDER
BOARD MEMBER
- Total calculated
- $14,100
- From this org
- $14,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4.94
-
Mark ElliottMARK ELLIOTT
BOARD MEMBER
- Total calculated
- $14,100
- From this org
- $14,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3.89
-
Jamie PottsJAMIE POTTS
BOARD MEMBER
- Total calculated
- $17,150
- From this org
- $17,150
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5.58
-
David SmartDAVID SMART
PRESIDENT/CEO
- Total calculated
- $406,790
- From this org
- $302,461
- From related orgs
- $0
- Other
- $104,329
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $302,461
- Bonus
- $0
- Other
- $0
- Deferred
- $82,137
- Nontaxable benefits
- $22,192
- Filer's total
- $406,790
-
Heather FoleyHEATHER FOLEY
VP OF ADMIN & FINANCE
- Total calculated
- $228,084
- From this org
- $161,570
- From related orgs
- $0
- Other
- $66,514
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $161,570
- Bonus
- $0
- Other
- $0
- Deferred
- $43,781
- Nontaxable benefits
- $22,733
- Filer's total
- $228,084
-
Justin McCannJUSTIN MCCANN
VP OF ENGINEERING
- Total calculated
- $223,167
- From this org
- $160,303
- From related orgs
- $0
- Other
- $62,864
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $160,303
- Bonus
- $0
- Other
- $0
- Deferred
- $40,131
- Nontaxable benefits
- $22,733
- Filer's total
- $223,167
-
Christopher FullerCHRISTOPHER FULLER
JOURNEY LINEMAN
- Total calculated
- $171,553
- From this org
- $126,537
- From related orgs
- $0
- Other
- $45,016
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $126,537
- Bonus
- $0
- Other
- $0
- Deferred
- $22,283
- Nontaxable benefits
- $22,733
- Filer's total
- $171,553
-
Kevin EnglandKEVIN ENGLAND
JOURNEY LINEMAN
- Total calculated
- $170,442
- From this org
- $125,489
- From related orgs
- $0
- Other
- $44,953
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,489
- Bonus
- $0
- Other
- $0
- Deferred
- $22,221
- Nontaxable benefits
- $22,733
- Filer's total
- $170,443
-
Rodney AdamsRODNEY ADAMS
JOURNEY LINEMAN
- Total calculated
- $169,990
- From this org
- $123,947
- From related orgs
- $0
- Other
- $46,043
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $123,947
- Bonus
- $0
- Other
- $0
- Deferred
- $23,851
- Nontaxable benefits
- $22,192
- Filer's total
- $169,990
-
Levi WeatherfordLEVI WEATHERFORD
JOURNEY LINEMAN
- Total calculated
- $169,415
- From this org
- $122,831
- From related orgs
- $0
- Other
- $46,584
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $122,831
- Bonus
- $0
- Other
- $0
- Deferred
- $23,851
- Nontaxable benefits
- $22,733
- Filer's total
- $169,415
-
Gregory CharlesGREGORY CHARLES
JOURNEY LINEMAN
- Total calculated
- $167,316
- From this org
- $122,821
- From related orgs
- $0
- Other
- $44,495
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $122,821
- Bonus
- $0
- Other
- $0
- Deferred
- $22,304
- Nontaxable benefits
- $22,192
- Filer's total
- $167,317
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Written employment contract
- 3 · Compensation survey or study
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 8 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423189349302102
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